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Ashtead Technology (AT) investor relations material
Ashtead Technology H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue grew 23% year-over-year to £99.1m in H1 2025, driven by both oil & gas and renewables, with adjusted EBITA up 20% to £27m and a margin of 27.3%.
Adjusted EPS increased 15% to 21.9p, supported by operational synergies from Seatronics and J2 Subsea integrations.
Record customer backlogs and strong operational synergies from recent acquisitions underpin growth confidence.
Market and geopolitical headwinds slowed Q2 revenue ramp-up, but delayed projects have now mobilized, supporting H2 growth.
Move to the Main Market of the London Stock Exchange expected on 6 October 2025.
Financial highlights
Revenue: £99.1m in HY25, up 23.2% year-over-year, with more than triple growth over three years via organic and inorganic investment.
Adjusted EBITA: £27.0m (20% YoY growth), margin 27.3%.
Adjusted EBITDA: £38.4m, margin 38.7%.
ROIC at 24.2%, above cost of capital, though down from prior year due to increased investment.
Pro forma leverage at 1.6x, targeting 1.4x by year-end.
Outlook and guidance
Board expectations for the full year remain unchanged, with confidence in H2 growth as delayed projects have mobilized.
Total addressable market forecast to grow at 8% CAGR through 2028, with offshore wind at 15% CAGR.
Customer project backlogs and contract awards underpin confidence in sustained demand.
US offshore wind exposure removed from forecasts due to political uncertainty; any activity will be treated as upside.
Intention to move from AIM to Main Market of the London Stock Exchange on 6 October 2025.
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